what to look for when looking at houses to buy

What to look for when buying a house:

Full Answer

What are some things to consider when buying a house?

What to Look for When Buying a House

1. Search for the right price. Price will ultimately dictate what you can buy. ...
2. Prioritize the location. Location is one of the most important things to consider when buying a home, but 23% of buyers report finding it difficult or extremely difficult to ...
3. Think long term. ...
4. Assess property condition. ...
5. Don’t focus on minor cosmetic details. ...

More items...

What to do after you buy a house?

What to Do ASAP as a New Homeowner (“Future You” Will Thank You)

• Security & Safety. Change locks. ...
• Maintenance Planning. Clean out the dryer hose and vent yearly. ...
• Emergency Preparedness. You really really don't want to be figuring any of this out in a real emergency. ...
• Home & Mortgage Documents. ...

What every first-time home buyer needs to know?

Annual percentage rate (APR): The amount paid in interest and fees over a year. Appraisal: The assessment and valuation of a home's worth. ... Closing: The last step of home buying. ... More items...

What are some tips for a first time home buyer?

“Before engaging in any serious home search, first-time buyers need to have the necessary liquidity for the down payment, have investigated and addressed any potential credit issues, and spoken to a mortgage company (preferably several) and obtained a pre-approval letter.

What should I look for when viewing a house to buy?

Use their guidelines to help you make an informed assessment of a home's condition.❏ Check the floors. ... ❏ Notice cracks in the wall. ... ❏ Pay attention to fresh paint. ... ❏ Look for water in the basement. ... ❏ Test the windows. ... ❏ Assess the roof. ... ❏ Note the trees outside. ... ❏ Eyeball electrical and plumbing.More items...•

What are the top 10 things people look for when buying a house?

Here're 10 important features to consider when buying a house.Location of the house.The size of the lot.Number of bedrooms.Number of bathrooms.The Kitchen layout.The age, style and condition of home appliances.Age of the house.The price.More items...•

What is the #1 feature to consider when buying a home?

Location One of the most important factors of any piece of real estate is location, location, location. Be sure to pay special consideration to the area in which you buy your house. You will want to be sure that your property has easy access to your work.

What should I look for when walking through a house?

Here's a list of important things to be on the lookout for during the final walkthrough.Inspection Repairs. ... Belongings Moved In Or Out. ... Locks And Windows. ... Appliances. ... Mold. ... Electricity And Outlets. ... Backyard And Outdoors. ... Pests.

What should you avoid when buying a house?

7 Things you should never do before buying a houseDon't finance a car or another big item before buying. ... Don't max out credit card debt. ... Don't quit your job or change careers before buying. ... Don't assume you need 20% down. ... Don't shop for houses without getting preapproved. ... Don't go with the first mortgage lender you talk to.More items...•

What should you not say when viewing a house?

5 Things You Should Never Say When Viewing a House for SaleHold the criticism until after you leave.Avoid making an emotional decision.Don't ask intrusive questions.Avoid sharing too much.Don't say the price is unrealistic.

What are the 3 most important things when buying a house?

They say the three most important things to think about when buying a home are location, location, location. You can change almost everything else, but you can't change your home's location.

What questions should I ask when buying a house?

10 things to ask when you view a homeWhy is the seller moving? ... What comes with the property? ... How old is the roof? ... How old — and how efficient — is the heating and cooling system? ... Are there any disclosures? ... Are there any problems with the house? ... Have you made any additions or renovations? ... What's the water pressure like?More items...

Is it smart to buy a house right now?

Based on data, now is a good time to buy a house — and first-time buyers agree. According to Fannie Mae's National Housing Survey, more than 60% of renters would buy a home if their lease ended. Most expect rents to rise sharply in the next 12 months. The housing market may favor Fall home buyers.

When should you walk away from a house?

Buyers should consider walking away from a deal if document preparation for closing highlights potential problems. Some deal breakers include title issues that put into question the true owner of the property. Or outstanding liens, or money the seller still owes on the property.

What not to do after closing on a house?

7 things not to do after closing on a houseDon't do anything to compromise your credit score.Don't change jobs.Don't charge any big purchases.Don't forget to change the locks.Don't get carried away with renovations.Don't forget to tie up loose ends.Don't refinance (at least right away)

How many houses should you look at before you buy?

Once you view 10-15 homes in person, you probably have a good idea of what's available in your price range. You have sufficiently “built your gut” and are likely ready to make an offer on the next home that meets your criteria.

What are the main things you need to buy a house?

Some of the most important requirements for buying a home include a down payment, a good credit score, and an acceptable debt-to-income ratio. Homebuyers also need to be prepared for closing costs, which are due before the final paperwork on the home is signed.

What do millennials want in a house?

Millennial home buying trends and preferences Millennial homebuyers want spaces that are efficient, in terms of use and energy. They are not interested in large, ornate homes in the suburbs, but would rather be in something small, flexible, personalized, and close to restaurants, shops, and recreational space.

What are things to look for in a new home?

7 Things to Look for When Buying a New HouseDamaged roof. The first thing you need to know about your potential new home is the age and condition of the roof. ... Heating and cooling performance. ... Water damage. ... Foundation faults. ... Working appliances and electrical outlets. ... Working windows. ... Bugs and pests.

What do people want in a new home?

Check out these popular things most people want in a new home and consider if they're a good fit for the buyer you have in mind.Updated Kitchen Appliances. ... A Few Additional Bedrooms. ... Easy and Available Accessibility. ... A Dedicated Laundry Room. ... Plenty of Ceiling Fans. ... Garage Storage Space.

Red Flag No. 1: Too Much Scent

Don’t let those freshly baked cookies or potpourri simmering on the stove fool you. The more aggressive the scent, the greater the likelihood the s...

Red Flag No. 2: Poor Tiling

Inspect the tile in kitchens and bathrooms, suggests Eugene Gamble, a real estate investor and owner of WeFundYourFlips in Tampa, FL."If the gaps o...

Red Flag No. 3: Foundation Issues

Most houses have hairline cracks, which just indicate the house is settling into its position, but large gaps signal a bigger issue with the founda...

Red Flag No. 4: Signs of Deferred Maintenance

"When I walk through a home, I look for signs that the owner might have neglected routine home maintenance,” says real estate agent Malcolm Lawson,...

Red Flag No. 5: Nearby Water

That creek might look picturesque now, but it won’t when it comes cascading through your back door.“The increasing unpredictability of weather mean...

Red Flag No. 6: Wonky Windows

Take a second to pull back the curtains to check for lopsided frames, and then give the windows a tug to make sure they slide easily. If they stick...

Red Flag No. 7: Mold

To detect possible signs of mold while wandering through an open house, discreetly open bathroom and sink cabinets to take a look around water pipe...

Red Flag No. 8: Water Damage

A musty odor can indicate water damage, even if you don’t see standing water, says Supplee. Check walls and ceilings for water lines; they likely i...

Red Flag No. 9: Cosmetic Enhancements

That one freshly painted wall could be an accent wall, or it could be hiding something like a patch of mold, Gamble cautions.Supplee lifts up area...

Red Flag No. 10: Improper Ventilation

Without adequate interior ventilation, moisture sticks around, which can create mold and increase allergies. The tipoff: Look for condensation on w...

Step 1: Check Your Credit Report and Score

Before contacting a lender, it’s smart to check your credit report. By law, you can get a free report once a year through Annualcreditreport.com. T...

Step 2: Figure Out How Much You Can Afford

Or better yet, decide how much you’re willing to pay. Just because you can qualify for a larger mortgage doesn’t mean you want to have that kind of...

Step 3: Find A Real Estate Agent

This person will be your lifeline through the process. Not so long ago, people didn’t have much to go on when selecting an agent. A postcard in the...

Step 4: Get Pre-Approved by A Lender

It’s a smart move to get pre-approved for a loan early in your home search. Zillow has an easy-to-use tool that lets you find a licensed lender in...

Step 5: Start Looking at Homes

Let the serious shopping begin! By now you’ve talked things over with your agent and you both know what you really want and need in a home. Armed w...

Step 6: Make An Offer

For most buyers, this is when the butterflies really show up. Once you’ve found a home you want your agent will work with you to craft an offer. Re...

Step 7: Home Inspection Day

If your offer called for a home inspection, this is a big day. Sure, you get to have a home inspector look over the home to make sure there are no...

Step 8: Get Insurance and Establish Utilities

If you already own a home, simply call your insurance agent and let them know you’re buying a new home. They will handle writing a new policy. If y...

Step 9: Closing Day

This is the big day. You’ll sign read and sign papers and then read and sign some more. Even though you’re just sitting around a table, it can be e...

Step 10: Get The Keys and Move In!

This is it. You did it. You are now a homeowner! Your sale contract will specify exactly how soon you get to move in. Sometimes it’s by a certain t...

What are the top features buyers look for in a home?

Today’s buyers are juggling many different priorities when it comes to buying a home, but, according to the Zillow Group Consumer Housing Trends Report 2020, some features stand out as very important or extremely important to most buyers.

What to think about when living in a house?

Does it get enough sunlight — or too much? Are you a comfortable distance from the neighbors? Consider the distance and difficulty of traveling from the driveway to the front door and whether seasonal changes will turn features like a steep driveway into a hazard.

Why are homes closer to the city more expensive?

Homes closer to core downtown areas tend to be more expensive, thanks to their shorter commutes. According to Zillow research, in 18 of the 35 large metro areas included in the analysis, buyers should expect to pay more for a home within a 10-minute rush-hour drive to the downtown core. However, keep in mind that home values in this bracket are also growing more slowly in much of the country as more buyers shift to remote work and place a lower value on shorter commute times. In 2017, homes in 9 of those metro areas had the fastest growing home values — that has since dropped to three.

What percentage of buyers go over their budget?

Still, Zillow research found that 27% of buyers went over their initial budget. Only 17% spent less than they budgeted.

Why do buyers narrow their search?

Most buyers start to narrow their search by price so they’re looking only for homes they can afford. As they start to tour online or in person, they develop a sense of the market, what’s available and what’s appealing to them.

How long does a homeowner stay in their home?

Zillow research shows that the typical homeowner stays in their home for 14 years before selling. When shopping for a forever home, think beyond your immediate needs. Make sure the home meets your long-term goals and plans.

Why do buyers look for move in ready homes?

Many buyers look for a home that’s move-in ready, so they can avoid costly repairs and updates — especially right after moving in. Many also like to add some personal flair. If you want to infuse the home with your personal style, you might want to avoid homes that can’t be changed enough to fit your preferences or those with recent upgrades that are selling for top dollar. (To see what constitutes minor repairs, see below .)

What to look for when buying a house?

Appliances . Appliances are one of the things to look for when buying a house that are often overlooked. Checking the furnace or water tank isn’t the most glamorous thing to do but an old furnace means you could be on the hook for a replacement shortly after you move in.

What to consider when looking for a house?

When you are looking at a house you will likely want to consider other things as well. If you have children you will want to know what school district you are in and if it’s a good school district. If this is your first house it’s important to know that you may have to compromise on some things.

What to ask a realtor before making an offer?

Before you go making an offer and going down the mortgage payments road, ask the realtor if the house is a part of a homeowner association. If it is there could be monthly payments that you have to pay and this can impact your budget. While it might not break your budget you want to make sure you have all the facts.

What to do if appliances are being sold?

If the appliances are being sold with the house, make sure to go over the general condition of them and make sure they’re in good working order. This can be an easy way to get appliances, and can also be a good bargaining item.

How many degrees to walk around exterior of house?

We’re not going to go too in-depth here, but want to remind you to take a full 360 degree to walk around the exterior to make sure there are no glaring problems (large cracks in brickwork, siding falling off, etc.). Anything of note can be brought up with your home inspector when they do the home inspection.

What does an outdoor space reveal?

The outdoor space might be something that you don’t pay too much attention to, but it can reveal a lot about a homeowner. Is it well kept? Does it look like a lot of work? Is there a fence? Is the fence in good shape? Do you have enough privacy?

Why do you need a cabinet for a starter home?

I’m not saying this should be a deal-breaker for you, but in my first home, we had to buy a cabinet for the entryway to help organize clothes and save space. We were so taken by the initial look of the home that we never considered what it would be like coming in and out through this entrance.

The first step to buying a house

Before you start house hunting – or even thinking about your wants and needs in a home – it’s crucial to understand your budget.

What to look for when buying a house

There’s a lot to consider when buying a house, from the number of bedrooms and bathrooms, to the amount of outdoor space, to local amenities and neighborhood safety.

What to look for when buying a house: The bottom line

You can use the list above as a good starting point for putting together a checklist and kicking off your house hunt.

How long does it take to buy a house?

No matter when you plan to buy, there are a few things you should know. On average, the process of buying a house takes roughly six months. That includes about 4.4 months to shop, plus 30-45 days to close. The process of buying a house includes more than just touring homes.

What does it mean when an appraisal matches your offer price?

If the appraisal matches your offer price: You should be clear to close. If the appraisal comes in above your offer price: Even better! This means not only are you clear to close, but you’re purchasing the home for a price below market value, giving you instant equity.

What does it mean when you get a clear to close mortgage?

Once you’ve completed the following steps, assuming everything checks out, you should receive the “clear to close,” which means that the lender has approved your purchase.

How many buyers use an agent in 2020?

In 2020, 85% of buyers used an agent during some part of their home search, according to the Zillow Group Consumer Housing Trends Report 2020. Typically, sellers fund the buyer’s agent commission, which makes using an agent a cost-effective option for buyers. Here are some areas where a buyer’s agent can help:

What does pre-approval do for a home?

In order to get pre-approved, a lender will calculate your debt-to-income ratio and assess your overall financial health by reviewing your:

What is the best credit score for a loan?

The higher your credit score, the lower the interest rate you’ll receive. Generally speaking, a credit score of 720 or higher will get you a good interest rate on a conventional loan, but qualification criteria depends on the specific lender.

Is buying a house stressful?

Buying a home can be stressful during the best of times, and it might feel positively overwhelming during a pandemic. Although a few of the details may look different right now, the overall process of buying remains the same — and understanding the key steps can help you reach your goal and make your dream a reality.

How to buy a house when you are looking at a house?

1. Suss out the area. Find the best mortgage deal. If you are at the house viewing stage, you are serious about buying soon. Avoid getting a nasty surprise – such as finding out that the houses you're looking at are actually out of your budget. Get your mortgage sorted, at least in principle, before you go looking at suitable properties.

How to tell if a house has mould?

Now’s the time to look for any signs of damp or mould growth. You may be able to smell the latter. Flaky plaster and watermarks are giveaways. Check for wall cracks. It’s the big ones that should ring alarm bells not hairline versions. Ask if, to the best of the current owners' knowledge, any building or renovation work is planned elsewhere in the building (if you're looking at a flat or semi-detached property). A neighbour's renovation will mean fresh cracks and dust in your property.

What to do if your roof is in a bad state?

Stand back and look at the roof. If it’s in a poor state, sorting it out can be expensive. Think about whether you’re prepared to put up with the disruption of major repairs as well as factoring in the cost. What’s the state of exterior brickwork or render? If they’re in poor condition, work will be required.

Is it hot in summer in a south facing house?

It’ll make a difference to what you can grow if your garden faces that way as well. If south-facing rooms have extensive glazing they may become unbearably hot in summer, unless measures have been taken to alleviate this problem.

Can you see a loft if you have already been extended?

If a house has already been extended, this will influence what you can achieve under permitted development. You won’t be shown the loft, but you can ask if you can see it if you go on to request a second viewing as well as finding out about the ridge height to see if a loft conversion is possible.

Is it confusing to view a house?

Viewing a house can be confusing: it’s easy to be dazzled by the owner’s great taste in decor – or distracted by the opposite, so make sure you’re focusing what really counts. (Image credit: LisaSarah - designs in steel) By Sarah Warwick June 11, 2019. Viewing a house is something many people do as quickly as possible.

Is it easy to paint walls in different colors?

Painting walls in a different shade is easy, but some home changes are going to be costly, so add up the impact now or decide if you can put up with them as they are. Pay attention to:

How to know if your home has electrical problems?

When you’re viewing a home, be aware of any signs of electrical issues like a buzzing sound when the lights are on, flickering lights, and hot ceiling fixtures.

What is a good floor plan?

A good floor plan makes the best use of the square footage and is functional for what you want to get out of your new home. Thinking about how you will use the rooms and if the layout works will go a long way in knowing how happy you will be living there.

What is a home inspection?

Simply put, a home inspection is a visual inspection of a property you’re considering making your home.

Why do you have to allow wiggle room in your home estimate?

When you’re going through this process, always allow wiggle room in these estimates for two key reasons: Unforeseen expenses are bound to pop up. You don't want to be struggling to make ends meet each month to buy your dream home, as it will quickly turn into more of a nightmare.

Is it a good idea to pay the most you can afford for a home?

There’s no real reason to pay the absolute most you can afford for a home. Again, budget wiggle room is a good thing. In addition, being preapproved shows a seller you’re serious about purchasing, which is critical in a competitive market.

Is it fun to look for a house?

Looking for houses is fun, plain and simple. That said, being too wide-eyed and excited can mean missing some key factors. Let’s review some things that you should be sure to look for when buying a new home.

How long does it take to buy a house?

The buying a house timeline can be tricky to predict. It typically takes anywhere from four weeks at the low end to six months (or more) to shop for and close on a house.

How long does it take to get a home on the market?

In some markets, you could visit several homes and make an offer that same day that gets accepted. In other places, you could wait months for the right home to come on the market, or you could get outbid time and time again before an offer is finally accepted. According to Zillow research, the average time spent shopping is about four and a half months.

What does it mean when you get it wrong when buying a house?

Timing is crucial when buying a house. Getting it wrong could mean paying on a mortgage when you still owe rent— or living out of a hotel if your closing runs longer than your lease. Here’s a timeline for what to expect from your home-buying journey so that you can get it right.

How long does it take to get pre-approved for a mortgage?

Get pre-approved for a mortgage. 1–2 weeks. It only takes one to five business days to get mortgage pre-approval, but spend the time to research different lenders and mortgage types so you get the best possible deal. To make the research easier, Zillow can help you find a lender near you.

How long does it take to find a mortgage lender?

3. Make a list of needs and start browsing. 3–5 days.

How long does it take for a home appraisal to come in?

The appraisal is usually scheduled within a week, and then it takes about three days for the report to come in. You don’t have to do a thing except wait for the result—and hope it’s higher than the price you negotiated.

How long does it take to get a home inspection report?

You typically have 10 days to complete the inspection. It takes 24 hours to get the inspection report, and then it could take a week or more to renegotiate if any unexpected problems turn up.

Why is a buyer broker agreement good?

The agreement is good for both parties, since it outlines exactly what services the broker is going to provide. A buyer-broker agreement is also a way to let your real estate agent know that you’re committed to working with this pro to find your home.

Is it okay to be excited when buying a house?

If you’re looking to buy a house, you’re probably eager and excited. That’s fine, but just keep in mind that in this heightened emotional state, it’s easy to get swept up in the moment and behave, well, not perfectly.

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Can you work with more than one real estate agent?

It’s poor etiquette to work with more than one real estate agent at a time, and the buyer-broker agreement shows your agent that you’re not doing that. “Remember that buyer’s agents are only paid if they close a deal—they aren’t paid for their time,” Van Winkle says.